(Ecofin Agency) - Commercial International Bank of Egypt is in talks, to sell a 70% interest in its investment unit, CI Capital, Reuters reported citing anonymous sources.

The stake could be acquired by local investors who would take a minority stake in CI Capital. The stake offered is valued at a billion Egyptian Pounds, about $54 million at the actual exchange rate.

Last February, negotiations with investment firm Beltone Financial for the same stake were abandoned. 

Previous talks failed because the regulator of Egypt’s capital market did not give its approval. It mentioned issues related to the shareholding structure of Orascom, which is controlled by Egyptian billionaire and main shareholder of Beltone Financial, Naguib Sawiris.

The market responded positively to the announcement regarding new talks which would drive CIB’s revenues up. On the Egyptian Stock Exchange where it is listed, the firm’s share rose by 3.68% at the close of November 30, 2016.